Signifyd's ability to eliminate friction in the shopping experience sets it apart from the competition
SANTA CLARA, Calif., Oct. 2, 2018 /PRNewswire/ -- Frost & Sullivan today recognized Signifyd with the 2018 North American Growth Excellence Leadership Award for being at the forefront of the industry-wide transition to guaranteed fraud protection (GFP) models, based on its recent analysis of the North American E-commerce GFP market. The company offers complete protection against fraud chargebacks on every approved order, thus absorbing the liability of fraud from merchants.
"Signifyd's GFP products enable retailers to deliver friction-free, personalized, and smart shopping experiences to consumers by employing a combination of machine learning (ML) technology and human expertise. This enables its solutions to predict fraud patterns accurately and generate appropriate decisions," said Vikrant Gandhi, Industry Director at Frost & Sullivan. "While competing vendors focus on loss prevention rather than on customer experience enhancements, Signifyd places heavy emphasis on customer satisfaction by offering improved approval rates with complete guarantees."
Signifyd is the undisputed leader in the GFP market, acquiring more than 10,000 customers in over 100 countries within a short span of four years since its initial product launch in 2014. Signifyd started in the SMB segment and continues to acquire numerous small merchants every month. The company soon expanded into the mid-size and large enterprise segments and started seeing increased adoption from these segments as well. This growing base of customers of all sizes from every retail vertical has allowed the company to capture a diverse set of first-party transactional and behavioral data that feeds its shared intelligence services. In addition, Signifyd leverages third-party data to enrich transactions further and automatically approve a higher share of orders, thereby reducing the number of orders that are reviewed by its in-house fraud detection team to maximize approval rates.
Signifyd's high degree of modularity and specific set of custom protection features enable its solution to address customers' unique needs and constraints. Furthermore, the company widened its application scope and revenue-generation opportunities by adding specific features and functions, such as reduced declines; elastic capacity; chargeback management; buy online, pick up in store (BOPIS) protection; and cross-border coverage for larger enterprises.
"Aside from an API implementation, the company currently integrates directly with Shopify, BigCommerce, Magento, and Salesforce Commerce Cloud (formerly DemandWare), enabling merchants using these e-commerce platforms to also benefit from Signifyd's automated fraud prevention and detailed reporting capabilities," noted Vikrant. "The adoption of its GFP solutions by both next-generation digital native retailers and traditional brick-and-mortar retailers is a clear testament to their capabilities, versatility, and modularity."
Each year, Frost & Sullivan bestows this award on the company that demonstrates excellence in growth and customer value. This award recognizes the superiority of the product/service as well as the overall customer, purchase, ownership, and service experience offered that results in the recipient company seeing above-market growth and greater share of wallet. With this award, Frost & Sullivan lauds the recipient's growth, diversification, and sustainability strategies.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
Signifyd, the world's largest provider of guaranteed fraud protection, enables online retailers to provide a friction-free buying experience for their customers. Signifyd leverages big data, machine learning and domain expertise to provide a 100 percent financial guarantee against fraud on approved orders that later turn out to be fraudulent. This effectively shifts the liability for fraud away from retailers, allowing them to increase sales and open new markets while reducing risk. Signifyd counts among its customers a number of companies on the Fortune 1000 and Internet Retailer Top 500 lists. Signifyd is headquartered in San Jose, CA.
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